Bats/CBOE merger approved

First Published 18th January 2017

Chris Concannon, Bats

Kansas City, New York and London
- Bats Global Markets has announced that based on a
preliminary vote tally from the special meeting of stockholders
held today, Bats stockholders have voted to adopt the previously
announced merger agreement pursuant to which CBOE Corporation, a
wholly owned subsidiary of CBOE Holdings, will merge with and
into Bats, with Bats surviving as a wholly owned subsidiary of
CBOE Holdings and, following the completion of the Merger, the
surviving corporation will merge with and into CBOE V, a wholly
owned subsidiary of CBOE Holdings, with CBOE V, surviving the
Subsequent Merger and continuing as a wholly owned subsidiary of
CBOE Holdings.

At the effective time of the Merger, each share
of Bats common stock will convert into 0.3201 of a share of
common stock of CBOE and $10.00 in cash or, at the election of
the holder and subject to proration and adjustment, all cash
consideration or all stock consideration.

Approximately 94.32% percent of the votes cast
at the special meeting were in favor of the adoption of the
merger agreement, representing approximately 70.81% percent of
Bats' outstanding voting common stock as of December 9, 2016, the
record date for the special meeting.

Chris Concannon, Chief Executive Officer and
President of Bats, said, "We thank our shareholders for their
continued support, moving us one step closer to completing this
transformational combination. The Bats team looks forward to
completing the transaction so we can integrate with CBOE."

Subject to the receipt of certain regulatory
approvals and satisfaction or waiver of the remaining customary
closing conditions in the merger agreement, the transaction is
expected to close by the end of the first quarter of 2017, at
which time Bats common stock will cease to be traded on the Bats
BZX Exchange.